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Brookfield Asset completes property unit spinoff

NEW YORK (AP) -- Brookfield Asset Management Inc. said Monday it completed the spinoff of its commercial real estate unit, Brookfield Property Partners LP.

Brookfield Asset Management said last year that it would spin off Brookfield Property Partners. Last month it said it would distribute shares in the new business through a special dividend valued at $900 million. Brookfield Asset Management now owns a 92.5-percent stake in Brookfield Property Partners. The rest of the company is owned by shareholders.

Brookfield Property Partners owns the office, retail, multifamily and industrial assets that had belonged to Brookfield Asset Management. That includes more than 300 office and retail properties, 12,200 multi-family units, and 7 million square feet of industrial space.

Brookfield Asset Management, based in Toronto, also owns Brookfield Office Properties Inc., Brookfield Renewable Energy Partners LP, and Brookfield Residential Properties Inc.

Shares of Brookfield Asset Management fell 75 cents to $35.98, while Brookfield Property Partners shares rose $1.20, or 5.7 percent, to close at $22.31.